June 19, 2014 / 9:27 AM / in 4 years

Kuveyt Turk sets final price guidance ahead of sukuk issue on Thurs

DUBAI, June 19 (Reuters) - Turkish participation bank Kuveyt Turk has set final pricing guidance ahead of issuing a five-year benchmark-sized sukuk later on Thursday, a document from lead arrangers showed.

Final guidance has been given at 350 basis points, plus or minus 10 basis points, over midswaps. This is tighter than the initial pricing thoughts in the area of 375 bps over the same benchmark given on Wednesday.

The bank has garnered orders worth more than $2.25 billion so far, the document added.

Benchmark sized is traditionally understood to mean in excess of $500 million.

The banks arranging the transaction are Citigroup, Emirates NBD, HSBC, Kuwait Finance House and Standard Chartered.

Reporting by Archana Narayanan; Editing by David French

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